Financial information related to Uddler Products Company a proprietorship for the month ended April 30, 2019,...

Financial information related to Uddler Products Company a proprietorship for the month ended April 30, 2019, is as follows:

Net Income for April: $166,000

Marks Kominskys withdrawals during April $25,000

Marks Kominskys capital m, April 1,2019 : $384,500

1. Why is the statement of owners equity prepared before the April 30,2019, balance sheet?

The statement of owners equity is prepared before the April 30, 2019, balance sheet is because the ________ account balance is needed for the balance sheet.

Expert Solution

Answer :-

1 ) :-

The statement of owners equity is prepared before the April 30, 2019, balance sheet is because the Capital account balance is needed for the balance sheet.

Reason :-

Shutting parity of capital or held profit or Owner's value is required for monetary record coordinating .
Bookkeeping condition of advantages break even with liabilities and proprietor's value won't be substantial until proprietor's value balance is found out , and that balance is determined just by planning proclamation of proprietor's value .

ekkarill92 answered 2 years ago

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